Research On The Information Disclosure System Of OTC Market

Securities market includes market in the field and Over the Counter (OTC) market. OTC market is based on the appearance of security and the development of securities market. Construction of a multilevel capital market system will lead a promising future of the development of Chinese capital market, in which the construction of OTC market is indispensable. After the third "National Financial Conference" in January 2007, Chinese government made every effort to building an OTC market all over the country. For such a new field, Chinese government has realized that the legal regulation is essential. In fact, the information disclosure system is the foundation of the establishment and development of the securities market, it is the core content of the securities law system, and it is also the safeguard of the securities investors'rights and interests.This article attempts to give its point by exploring the information disclosure system of the OTC market with Chinese specialty fact and comparative analysis about information disclosure system of the OTC market in United States and Japan, using comparative analysis and empirical analysis methods. This paper is divided into four chapters as below:The first chapter is mainly about the research background, present research achievement at home and abroad, research significant, research methods and innovations in the article.The second chapter is about to summarized the general situation of OTC the its information disclosure system. Actually the definition about the OTC securities is still under discussions, which are the basic of OTC studies and the logic starting line of OTC securities regulatory law. Hence the chapter is based on the discussion about the definition, giving the definition of the OTC information disclosure system, and the theory basic of the OTC information disclosure system.The third chapter compared the OTC market in United States and Japan through the history of OTC development and OTC information disclosure system, and find out that advanced countries which own the mature OTC market usually have erected the legal principles of the OTC information disclosure system so as to arrive on the legal regulation of important inspirations about the OTC market in China.The last chapter pays attention to the OTC market and the OTC information disclosure system, which focuses on the development of China's OTC market, as well as China's current situation and Practice. Through the development path of China's OTC market, regulatory review and\the OTC information disclosure system and puts forward China's OTC market, in order to lead the direction of China's information disclosure system of OTC market. The last part of the chapter raises contemplation about the information disclosure system of OTC market in China through the summary of the overall analysis, the interpretation of the OTC information disclosure system theory and revelation of the present situation of Chinese OTC practices. The suggestion is that establishing a complete, scientific and supervision of principle and well arranged information disclosure system is the key measure to complete OTC regulatory system of our country.